News Summary: Calif. gas prices jump by 20 cents

Associated Press Modified: October 5, 2012 at 12:15 pm •  Published: October 5, 2012
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CALIFORNIA CRUNCH: Californians woke up to a shock Friday as overnight gasoline prices jumped by as much as 20 cents a gallon.

SUPPLIES DRY UP: In many areas, prices have jumped 40 cents in a week as refinery problems have created shortages and helped send wholesale prices soaring. Some stations ran out of gas and shut down.

STILL SOARING: Prices will keep rising, experts say, because in the past week wholesale gasoline prices have jumped $1 a gallon, but average retail prices have increased only 30 cents.